Croatian LNG terminal is key part of portfolio – MET
Switzerland-based energy trader MET Group will provide the commissioning cargo for the floating storage and regasification unit (FSRU) LNG Croatia.
The 140,000 cubic metre (cbm) FSRU is set to arrive in Spain’s Sagunto LNG terminal on 25 November to lift the cargo.
The commissioning load will be sold by MET on an FOB-basis to Golar LNG, the owner of the vessel, Katalin Tamas, head of LNG trading at MET Group told ICIS.
The size of the cargo will be around 21,000cbm, according to loading data from Spanish grid operator Enagas.
Following cooldown and gassing-up operations, most of it will be carried back by the vessel to Croatia’s Krk Island, where it will be in position as the country’s floating LNG import terminal.
MET is one of the capacity holders at the Croatian terminal after booking a total of around 1.3 billion cubic metres (bcm) of regasification capacity in June for a three-year period, starting from January 2021.
MET has been an active importer of LNG into Spain and Italy ever since setting up its LNG trading desk in 2016, and the company currently has contracts with different market participants on a spot and medium-term basis, Tamas said.
However, Central and Eastern Europe has remained a core business region for MET, and securing capacity at the Croatian terminal will likely help the company diversify its supplies into the region.
“The LNG Croatia project is an important pillar of our portfolio,” Tamas said, adding that Croatia will enhance synergies in the company’s Mediterranean LNG portfolio.
Fellow capacity holder, Croatian utility HEP, recently issued its first LNG tender seeking five cargoes for delivery to the LNG Croatia FSRU for January-September 2021.